Insights
Explore our alternative ideas and insights designed to help you navigate any market condition, including this one.
Featured Insights
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Commentary
As interest rates rose with some vigor in the quarter, thematic performance continued to shift in notable fashion. Against this backdrop, “diversification” continued to be the watchword…
Source: Michael White, CFA | Neil Simons
Publish Date: Apr 15, 2021
Read Time:
8
minutes
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Commentary
Q1 was a tale of two halves, but the Merger Arb strategies ended with solid returns despite the uncharacteristic volatility for the strategies in the 2nd half of the quarter.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Apr 15, 2021
Read Time:
4
minutes
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Commentary
Q1 of 2021 provided some interesting market dynamics to for the Equity team to navigate, and opportunistically capitalize on, as we saw another market unwind occur.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
Publish Date: Apr 15, 2021
Read Time:
8
minutes
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Portfolio Construction
While volatility has become the preferred measure of risk, we layout additional tools investors can use to understand risk.
Source: Picton Mahoney Asset Management
Publish Date: Feb 12, 2021
Read Time:
3
minutes
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Macro
Unprecedented monetary stimulus, ongoing fiscal support and the end of COVID-related lockdowns may lead to the strongest surge in global economic growth in decades.
Source: Investment Team
Publish Date: Feb 3, 2021
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Commentary
With no shortage of macro headline risks (global pandemic, high-stakes U.S. Election, Brexit finality), one would wonder how risk markets have managed to stay in gear at all.
Source: Michael White, CFA | Neil Simons
Publish Date: Jan 15, 2021
Read Time:
8
minutes
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Commentary
Given the stretched valuations in fixed income we believe it’s a great opportunity to layer in hedges in both credit and rates to reduce potential volatility.
Source: Phil Mesman, CFA
Publish Date: Jan 15, 2021
Read Time:
3
minutes
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Commentary
The Canadian equity market rallied during Q4 with optimism on the arrival of a COVID-19 vaccine leading to a rotation of leadership into cyclical and COVID recovery stocks.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA | Travis Irwin, CFA
Publish Date: Jan 15, 2021
Read Time:
9
minutes
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Commentary
The Merger Arbitrage strategies performed well during Q4 2020 as SPACs continued to deliver strong contributions to the overall performance of the strategies.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Jan 15, 2021
Read Time:
3
minutes
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Portfolio Construction
It can be argued that volatility has limitations that make it an inadequate measure of risk, especially in connection with alternative investments.
Source: Picton Mahoney Asset Management
Publish Date: Dec 15, 2020
Read Time:
5
minutes
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Macro
As indications of a new economic cycle begin to emerge, investors might want to consider the hidden risks of the return of an inflationary environment.
Source: Investment Team
Publish Date: Nov 11, 2020
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Macro
In a zero-rate world, with record low yields, “bonds are broken” – but a long-short approach and focus on correlation can still support long-term returns.
Source: Phil Mesman, CFA
Publish Date: Nov 5, 2020
Run Time: 17 minutes
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Commentary
With fiscal stimulus, steady economic improvement and vaccine prospects supporting risk assets, our actively managed fixed income funds outperformed their benchmarks.
Source: Phil Mesman, CFA
Publish Date: Oct 23, 2020
Read Time:
2
minutes
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Commentary
Rich diversification options in our multi-strategy funds helped our managers mitigate volatility, limit risks and post good-quality returns in Q3.
Source: Michael White, CFA | Neil Simons
Publish Date: Oct 23, 2020
Read Time:
5
minutes
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Commentary
Q3 saw a rebound in North America, but less so internationally, with a new economic cycle still forestalled by volatility and COVID-related unknowns.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
Publish Date: Oct 21, 2020
Read Time:
9
minutes
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Commentary
As COVID-19 restrictions eased in Q3, strong M&A activity and a vigorous SPAC market helped our merger arbitrage strategies deliver strong quarterly performance.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Oct 21, 2020
Read Time:
3
minutes
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Macro
Our Fixed Income team explains how careful positioning has addressed credit markets roiled by the recent crisis – and by unprecedented fiscal stimulus.
Source: Phil Mesman, CFA | Sam Acton, CFA | Ashley Kay
Publish Date: Aug 21, 2020
Run Time: 27 minutes
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Macro
Fiscal stimulus has fuelled a strong rebound. Risk assets are attractive, but we are cautious, given the lack of long-term national recovery plans.
Source: Investment Team
Publish Date: Jul 31, 2020
Run Time: 27 minutes
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Commentary
Q2 earnings will reflect recent troughs, but North America and China continue to rally, with cyclicals offering potential, and Europe showing promise.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
Publish Date: Jul 16, 2020
Read Time:
8
minutes
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Commentary
The economic and financial market volatility of Q1 2020 provided us with an abundance of arbitrage opportunities that led to strong performance in Q2.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Jul 16, 2020
Read Time:
3
minutes
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Commentary
As markets recover, active positioning and strategic diversification help our multi-asset strategies perform during the period.
Source: Michael White, CFA
Publish Date: Jun 10, 2020
Read Time:
5
minutes
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Commentary
Although coming off historical troughs, markets remain stable and well-supported; select sectors could outperform as economies continue to reopen.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
Publish Date: May 13, 2020
Read Time:
8
minutes
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Macro
David Picton provides an overview of the markets and a road map that the investment team is using to navigate the COVID crisis.
Source: David Picton
Publish Date: Apr 23, 2020
Run Time: 26 minutes
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Macro
Government measures are addressing health and economic crises head on; we believe risk assets bottomed in March, and suggest positioning for a rise.
Source: Investment Team
Publish Date: Apr 23, 2020
Run Time: 26 minutes
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Macro
Phil Mesman discusses the three phases of the sell-off and provides advisors with insights on how to position their fixed income for the other side.
Source: Phil Mesman, CFA
Publish Date: Apr 21, 2020
Run Time: 35 minutes
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Commentary
Q1 saw a worldwide pandemic, a full-blown global shutdown, unprecedented fiscal stimulus – and signs of a rebound and perhaps the path to a recovery.
Source: David Picton | Jeff Bradacs, CFA | Michael Kimmel, CFA | Michael Kuan, CFA
Publish Date: Apr 15, 2020
Read Time:
12
minutes
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Investment Insights
David Picton joins an industry panel to discuss the market crisis and where opportunities may lie following radical and even permanent market changes.
Source: David Picton
Publish Date: Apr 14, 2020
Run Time: 1 hour 5 minutes
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Commentary
In the worst market collapse and selloff since the GFC, our multi-strategy funds performed well, and are positioned to participate as markets improve.
Source: Michael White, CFA | Neil Simons
Publish Date: Apr 9, 2020
Read Time:
8
minutes
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Commentary
Strategic de-risking and a steady hand kept our merger arbitrage strategies resilient in the face of severe declines and volatility from pandemic and oil shocks.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Apr 8, 2020
Read Time:
5
minutes
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Commentary
Unprecedented volatility and broad changes to business and consumer behaviour are creating a wealth of opportunities for active management.
Source: David Picton | Jeff Bradacs
Publish Date: Apr 1, 2020
Read Time:
6
minutes
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Commentary
While Canadian banks are better capitalized than they were during the GFC, the sector may not be immune from today’s real economic stresses.
Source: Robert Poole, CFA
Publish Date: Mar 26, 2020
Read Time:
6
minutes
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Macro
Our Fixed Income team provides discussion and insight around their macro house view, liquidity in bond ETFs, navigating risks and preferred shares.
Source: Phil Mesman, CFA | Sam Acton, CFA | Ashley Kay
Publish Date: Mar 19, 2020
Run Time: 49 minutes
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Investment Insights
Craig Chilton and Tom Savage discuss the effects of market volatility on existing M&A transactions and the state of the current M&A environment.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Mar 17, 2020
Run Time: 20 minutes
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Macro
On March 12, we held a special conference call with our portfolio managers addressing market volatility.
Source: Investment Team
Publish Date: Mar 12, 2020
Run Time: 25 minutes
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Investment Insights
Merger arbitrage strategies offer diversification, because their returns have little correlation to traditional stock and bond portfolios.
Source: Craig Chilton, CFA | Tom Savage, CFA
Publish Date: Feb 27, 2020
Run Time: 20 minutes
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Macro
A “tsunami driven by government bond yields” has created vulnerabilities that may prevent bonds from offering their traditional income and protection.
Source: Phil Mesman, CFA | Sam Acton, CFA
Publish Date: Feb 14, 2020
Run Time: 22 minutes